A renewed round of tariffs against China by president Trump dented bullish sentiment, but nothing appears able to stop the S&P which is just 14 points from making a new all time high, a goal it will likely achieve today.
"If the Fed continues at its current pace, it will have tightened by ~3% (or even ~4% if one includes its roll-off of quantitative easing measures) by the end of 2019. Tightening of that magnitude has almost always resulted in recession." - Dan Loeb
While payrolls will come and go, the big story remains the accelerating rout in Emerging Markets, where a bevy of currencies, including the TRY, ZAR, INR, IDR and especially the Argentina Peso, have gotten crushed prompting questions if another 1997-style EM crisis is on the horizon.
The post-FOMC confusion spilled over into international markets, with both Asian and European shares retreating, alongside US equity futures, as traders are on edge ahead of the US-China trade talks taking place today and tomorrow.